Capitalism is based on one and only one thing – serving others. Capitalism, or you as a capitalist, cannot succeed unless you are serving customers’ needs or wants. Period.
Decades after capitalism seemed to have triumphed over socialism, politicians are once again arguing about the merits and drawbacks of these opposing economic systems. Why are we still having this debate? Andy Puzder, former CEO of the parent company of Hardee’s and Carl’s Jr., explains the misconceptions that keep the debate alive.
A capitalist MUST figure out what a customer wants or needs and present a product or service at a price that the customer will pay.
But that’s not all – you have to persuade them using price, marketing, support, design, functionality, and attractiveness of the whole package. Get any of that wrong, you will be punished; you don’t get the sale.
Think of the Ford Edsel if you want a failure. While the Pet Rock was an astonishing success. People decided they had a need and one filled it and the other didn’t.
With Socialism you will be told what you want on a take it or leave it basis and for whatever level of quality the Government gives to you.
Again, the question: Who chooses in which system?
(H/T: Cafe Hayek)